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Richmond Mutual Bancorporation
RMBI
#9086
Rank
S$0.18 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
S$18.71
Share price
-0.20%
Change (1 day)
11.92%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Richmond Mutual Bancorporation
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-05-12

Richmond Mutual Bancorporation - 10-Q quarterly report FY


Text size:
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
xQUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026

or
oTRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to ________
Commission file number: 001-38956
RICHMOND MUTUAL BANCORPORATION, INC.
(Exact name of registrant as specified in its charter)
Maryland
36-4926041
(State or other jurisdiction of incorporation of organization)
(I.R.S. Employer Identification No.)
31 North 9th Street, Richmond, Indiana 47374
(Address of principal executive offices; Zip Code)
(765) 962-2581
(Registrant's telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
RMBI
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes [X] No [ ]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes [X] No [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
[  ]
Accelerated filer
[  ]
Non-accelerated filer
[X]
Smaller reporting company
[X]
Emerging growth company
[ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o No [X]
There were 10,501,260 shares of Registrant’s common stock, par value of $0.01 per share, issued and outstanding as of May 12, 2026.



RICHMOND MUTUAL BANCORPORATION, INC. AND SUBSIDIARY
10-Q
TABLE OF CONTENTS
Page
1
2
3
4
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025
5
6
Management's Discussion and Analysis of Financial Condition and Results of Operations
29
Quantitative and Qualitative Disclosures about Market Risk
40
Controls and Procedures
40
Legal Proceedings
42
Risk Factors
42
Unregistered Sales of Equity Securities and Use of Proceeds
42
Defaults Upon Senior Securities
42
Mine Safety Disclosures
42
Other Information
42
Exhibits
43
44



PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

Richmond Mutual Bancorporation, Inc.
Condensed Consolidated Balance Sheets
March 31,
2026		December 31,
2025
(Unaudited)
Assets
Cash and due from banks$9,699,813 $9,275,184 
Interest-earning demand deposits25,098,428 23,855,310 
Cash and cash equivalents34,798,241 33,130,494 
Interest-earning time deposits2,820,000 2,070,000 
Investment securities - available for sale245,518,902 251,915,497 
Investment securities - held to maturity2,353,338 2,747,889 
Loans held for sale835,000 828,000 
Loans and leases, net of allowance for credit losses of $16,740,001 and $16,465,708, respectively
1,174,121,856 1,176,812,906 
Premises and equipment, net13,497,339 13,396,583 
Federal Home Loan Bank stock13,907,100 13,907,100 
Interest receivable6,175,120 6,299,925 
Mortgage-servicing rights1,876,847 1,883,446 
Cash surrender value of life insurance3,978,362 3,953,634 
Other assets19,334,279 18,845,066 
Total assets$1,519,216,384 $1,525,790,540 
Liabilities
Noninterest-bearing deposits$99,400,478 $100,090,746 
Interest-bearing deposits1,006,964,883 1,014,802,514 
Total deposits1,106,365,361 1,114,893,260 
Federal Home Loan Bank advances256,000,000 240,000,000 
Other borrowings— 12,000,000 
Advances by borrowers for taxes and insurance768,162 650,674 
Interest payable2,661,914 3,456,973 
Other liabilities8,510,534 9,008,533 
Total liabilities1,374,305,971 1,380,009,440 
Commitments and Contingent Liabilities— — 
Stockholders' Equity
Common stock, $0.01 par value
Authorized - 90,000,000 shares
Issued and outstanding - 10,501,260 shares and 10,501,260 shares at March 31, 2026 and December 31, 2025, respectively
105,013 105,013 
Additional paid-in capital92,988,675 92,897,260 
Retained earnings98,644,946 97,324,605 
Unearned employee stock ownership plan (ESOP)(9,803,264)(9,987,093)
Accumulated other comprehensive loss(37,024,957)(34,558,685)
Total stockholders' equity144,910,413 145,781,100 
Total liabilities and stockholders' equity$1,519,216,384 $1,525,790,540 
See Notes to Condensed Consolidated Statements.

1

Richmond Mutual Bancorporation, Inc.
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended March 31,
20262025
Interest Income
Loans and leases$19,110,979 $18,773,758 
Investment securities1,872,981 1,963,449 
Other178,431 130,820 
Total interest income21,162,391 20,868,027 
Interest Expense
Deposits7,298,347 7,844,380 
Borrowings2,417,631 2,765,575 
Total interest expense9,715,978 10,609,955 
Net Interest Income11,446,413 10,258,072 
Provision for credit losses693,094 731,095 
Net Interest Income After Provision for Credit Losses10,753,319 9,526,977 
Non-interest Income
Service charges on deposit accounts321,978 295,974 
Card fee income317,324 298,480 
Loan and lease servicing fees93,580 112,358 
Net gains on loan and lease sales173,072 95,105 
Other income391,857 360,327 
Total non-interest income
1,297,811 1,162,244 
Non-interest Expenses
Salaries and employee benefits4,563,559 4,711,955 
Net occupancy expenses437,847 388,300 
Equipment expenses253,016 244,490 
Data processing fees1,192,079 901,964 
Deposit insurance expense285,000 339,000 
Printing and office supplies41,299 48,473 
Legal and professional fees458,791 530,917 
Advertising expense104,697 65,612 
Bank service charges48,215 46,618 
Real estate owned expense12,215 2,062 
Other expenses1,306,707 1,093,222 
Total non-interest expenses
8,703,425 8,372,613 
Income Before Income Tax Expense3,347,705 2,316,608 
Provision for income taxes562,414 348,298 
Net Income$2,785,291 $1,968,310 
Earnings Per Share
Basic$0.29 $0.20 
Diluted$0.28 $0.20 
See Notes to Condensed Consolidated Statements.

2

Richmond Mutual Bancorporation, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
March 31,
20262025
Net Income$2,785,291 $1,968,310 
Other Comprehensive (Loss) Income
Unrealized (loss) gain on available for sale securities, net of tax benefit (expense) of $655,591 and $(339,238), respectively
(2,466,272)1,276,182 
(2,466,272)1,276,182 
Comprehensive Income$319,019 $3,244,492 
See Notes to Condensed Consolidated Statements.

3

Richmond Mutual Bancorporation, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(Unaudited)

Three Months Ended March 31, 2026
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Loss		Total
Shares
Outstanding		Amount
Balances, December 31, 202510,501,260 $105,013 $92,897,260 $97,324,605 $(9,987,093)$(34,558,685)$145,781,100 
Net income— — — 2,785,291 — — 2,785,291 
Other comprehensive income (loss)— — — — — (2,466,272)(2,466,272)
ESOP shares earned— — 3,922 — 183,829 — 187,751 
Stock based compensation— — 87,493 — — — 87,493 
Common stock dividends ($0.15 per share)
— — — (1,464,950)— — (1,464,950)
Balances, March 31, 202610,501,260 $105,013 $92,988,675 $98,644,946 $(9,803,264)$(37,024,957)$144,910,413 

Three Months Ended March 31, 2025
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Unearned
ESOP
Shares		Accumulated
Other
Comprehensive
Loss		Total
Shares
Outstanding		Amount
Balances, December 31, 202410,814,960 $108,150 $97,709,231 $91,582,986 $(10,722,410)$(45,806,197)$132,871,760 
Net income— — — 1,968,310 — — 1,968,310 
Other comprehensive income— — — — — 1,276,182 1,276,182 
ESOP shares earned— — (5,347)— 183,830 — 178,483 
Stock based compensation— — 363,459 — — — 363,459 
Common stock dividends ($0.15 per share)
— — — (1,492,715)— — (1,492,715)
Repurchase of common stock(324,696)(3,247)(4,230,375)— — — (4,233,622)
Balances, March 31, 202510,490,264 $104,903 $93,836,968 $92,058,581 $(10,538,580)$(44,530,015)$130,931,857 


See Notes to Condensed Consolidated Statements.













4

Richmond Mutual Bancorporation, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
20262025
Operating Activities
Net income$2,785,291 $1,968,310 
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses693,094 731,095 
Depreciation and amortization223,805 219,488 
Deferred income tax2 (117,847)
Stock based compensation87,493 363,459 
Investment securities amortization, net192,211 198,201 
Net gains on loan and lease sales(173,072)(95,105)
Accretion of loan origination fees(211,704)(211,416)
Amortization of mortgage-servicing rights63,807 49,954 
ESOP shares expense187,751 178,483 
Increase in cash surrender value of life insurance(24,728)(23,057)
Loans originated for sale(7,382,576)(5,256,050)
Proceeds on loans sold7,389,576 4,551,455 
Net change in
Interest receivable124,805 (29,804)
Other assets122,873 658,752 
Other liabilities(497,999)124,235 
Interest payable(795,059)(1,129,473)
Net cash provided by operating activities2,785,570 2,180,680 
Investing Activities
Net change in interest-bearing time deposits(750,000)— 
Purchases of securities available for sale(955,025)(1,025,982)
Proceeds from maturities and paydowns of securities available for sale4,037,098 4,534,320 
Proceeds from maturities and paydowns of securities held to maturity395,000 565,159 
Net change in loans2,311,524 (16,039,372)
Proceeds from sales of real estate owned43,502 — 
Purchases of premises and equipment(324,561)(75,973)
Net cash provided by (used in) investing activities4,757,538 (12,041,848)
Financing Activities
Net change in
Demand and savings deposits4,832,914 256,508 
Certificates of deposit(13,360,813)11,465,940 
Advances by borrowers for taxes and insurance117,488 139,959 
Repayment of other borrowings(12,000,000)— 
Proceeds from FHLB advances73,000,000 112,000,000 
Repayment of FHLB advances(57,000,000)(103,000,000)
Repurchase of common stock— (4,233,622)
Dividends paid(1,464,950)(1,492,715)
Net cash (used in) provided by financing activities(5,875,361)15,136,070 
Net Change in Cash and Cash Equivalents1,667,747 5,274,902 
Cash and Cash Equivalents, Beginning of Period33,130,494 21,757,190 
Cash and Cash Equivalents, End of Period$34,798,241 $27,032,092 
Additional Cash Flows and Supplementary Information
Interest paid$10,511,037 $11,739,428 
Transfers from loans to other real estate owned— — 
See Notes to Condensed Consolidated Statements.

5

Richmond Mutual Bancorporation, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(Table Dollar Amounts in Thousands, Except Per Share Amounts)
Note 1: Basis of Presentation
The accompanying financial information is unaudited and has been prepared from the consolidated financial statements of Richmond Mutual Bancorporation, Inc., and its wholly owned direct and indirect subsidiaries, First Bank Richmond, First Insurance Management, Inc., FB Richmond Holdings, Inc. and FB Richmond Properties, Inc. References in this document to Richmond Mutual Bancorporation refer to Richmond Mutual Bancorporation, Inc. References to “we,” “us,” and “our” or the “Company” refers to Richmond Mutual Bancorporation and its wholly-owned direct and indirect subsidiaries, First Bank Richmond, First Insurance Management, Inc., FB Richmond Holdings, Inc., and FB Richmond Properties, Inc. unless the context otherwise requires.
First Bank Richmond is an Indiana state-chartered commercial bank headquartered in Richmond, Indiana and the wholly owned banking subsidiary of Richmond Mutual Bancorporation. First Bank Richmond provides full banking services through its seven full- and one limited-service offices located in Cambridge City (1), Centerville (1), Richmond (5) and Shelbyville (1), Indiana, its six full-service offices located in Piqua (2), Sidney (2), Troy (1), and Columbus (1), Ohio. Administrative, trust and wealth management services are conducted through First Bank Richmond's Corporate Office/Financial Center located in Richmond, Indiana. As an Indiana-chartered commercial bank, First Bank Richmond is subject to regulation by the Indiana Department of Financial Institutions ("IDFI") and the Federal Deposit Insurance Corporation ("FDIC").
First Insurance Management, Inc., a wholly-owned subsidiary of the Company which was formed and began operations in June 2022, is a Nevada-based captive insurance company that insures against certain risks unique to the operations of the Company and its subsidiaries and for which insurance may not be currently available or economically feasible in today's insurance marketplace. First Insurance Management, Inc. is subject to the regulations of the State of Nevada and undergoes periodic examinations by the Nevada Division of Insurance.
FB Richmond Holdings, Inc., a wholly-owned subsidiary of First Bank Richmond which was formed and began operations in April 2020, is a Nevada corporation that holds and manages substantially all of First Bank Richmond's investment portfolio. FB Richmond Holdings, Inc. has one active subsidiary, FB Richmond Properties, Inc., a Delaware corporation which holds loans on behalf of First Bank Richmond.
The accompanying unaudited condensed consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include information or note disclosures necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. Accordingly, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K") filed with the Securities and Exchange Commission (“SEC”) on March 23, 2026 (SEC File No. 001-38956). However, in the opinion of management, all adjustments which are necessary for a fair presentation of the consolidated financial statements have been included. Those adjustments consist only of normal recurring adjustments. The results of operations for the periods are not necessarily indicative of the results to be expected for the full year.
Use of Estimates in Preparation of Financial Statements
Financial statements prepared in accordance with generally accepted accounting principles in the United States ("GAAP") require the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
Loans
For all loan classes, the accrual of interest is discontinued at the time the loan is 90 days past due unless the credit is well-secured and in process of collection. Past due status is based on contractual terms of the loan. For all loan classes, the entire balance of the loan is considered past due if the minimum payment contractually required to be paid is not received by the contractual due date. For all loan classes, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful.

6

The Company charges off residential and consumer loans, or portions thereof, when the Company reasonably determines the amount of the loss. The Company adheres to timeframes established by applicable regulatory guidance, which provides for the charge-down of 1-4 family first and junior lien mortgages to the net realizable value, less costs to sell when the loan is 120 days past due, charge-off of unsecured open-end loans when the loan is 90 days past due, and charge down to the net realizable value when other secured loans are 90 days past due. Loans at these respective delinquency thresholds for which the Company can clearly document that the loan is both well-secured and in the process of collection, such that collection will occur regardless of delinquency status, need not be charged off.
For all classes, all interest accrued but not collected for loans that are placed on nonaccrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Nonaccrual loans are returned to accrual status when, in the opinion of management, the financial position of the borrower indicates there is no longer any reasonable doubt as to the timely collection of interest or principal. The Company requires a period of satisfactory performance of not less than six months before returning a nonaccrual loan to accrual status.
On occasion, the Company will provide modifications to loans and leases to borrowers experiencing financial difficulty, by providing payment delays, term extensions, or interest-rate reductions. In some cases, combinations of modifications may be made to the same loan or lease. If determined that the value of the modified loan or lease is less than the recorded investment in the loan, a charge-off is recognized to the allowance for credit losses on loans and leases.
Note 2: Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board ("FASB") issued Auditing Standards Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40); Disaggregation of Income Statement Expenses. This ASU requires certain expenses be disaggregated into specific categories in disclosures within the financial statements and footnotes to the financial statements. ASU No. 2024-03 is effective for all public business entities for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2024-03 on its consolidated financial statements.
In November 2025, the FASB issued ASU No. 2025-08, Financial Instruments - Credit Losses (Topic 326), Purchased Loans. This ASU amended the guidance in ASC 326 on the accounting for certain purchased loans. The amendments in this update expand the use of the “gross-up” approach to certain acquired loans classified as purchased seasoned loans ("PSLs"). The amendments are intended to reduce complexity and improve comparability in the accounting for acquired loans. ASU No. 2025-08 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2025-08 on its consolidated financial statements.
Note 3: Acquisition of The Farmers Bancorp, Frankfort, Indiana
On November 11, 2025, the Company entered into a definitive Agreement and Plan of Merger (the "Merger Agreement") with The Farmers Bancorp, Frankfort, Indiana ("Farmers Bancorp"), headquartered in Frankfort, Indiana. Pursuant to the Merger Agreement, Farmers Bancorp is expected to merge with and into the Company, with the Company surviving the holding company merger. Immediately following the holding company merger, The Farmers Bank, an Indiana state-chartered bank and wholly owned subsidiary of Farmers Bancorp, will merge with and into First Bank Richmond, with First Bank Richmond surviving the bank merger.
Under the terms of the Merger Agreement, each outstanding share of Farmers Bancorp common stock will be converted into the right to receive 3.40 shares of the Company’s common stock (the "Exchange Ratio"), with cash paid in lieu of fractional shares (collectively, the "Merger Consideration"). In addition, (i) each unvested restricted stock unit award of Farmers Bancorp will automatically vest, and the underlying shares will be treated as outstanding and entitled to receive the Merger Consideration, less applicable tax withholding; and (ii) each unvested performance share award of Farmers Bancorp will be terminated and cashed out at target performance levels immediately prior to the effective time of the merger.
Based on the Company’s closing stock price of $13.15 per share on November 10, 2025, the aggregate equity value of the Merger Consideration was approximately $82 million. The final value of the merger consideration will fluctuate until closing based on changes in the Company’s stock price. Upon completion of the merger, Farmers Bancorp shareholders are expected to own approximately 38% of the outstanding shares of the combined company.

7

The merger has been approved by the boards of directors of both companies, and all required regulatory approvals have been received. A special meeting of Farmers Bancorp shareholders to approve the merger agreement and related transactions is scheduled for May 26, 2026. The Company will seek shareholder approval of the issuance of its shares in the transaction at its annual meeting of shareholders to be held on May 27, 2026. The transaction is expected to be completed at or around the end of the second quarter of 2026, subject to shareholder approvals and the satisfaction of customary closing conditions.
The merger will be accounted for as a business combination under ASC 805, Business Combinations, with the Company expected to be the accounting acquirer. The combined company will continue to trade on the Nasdaq Capital Market under the ticker symbol "RMBI." The holding company will operate under the name "Richmond Mutual Bancorporation, Inc.," while the combined bank, subject to regulatory approval, will operate under the new name "First Bank Midwest". The administrative headquarters of the combined company will be located in Richmond, Indiana, and the administrative headquarters of the combined bank will be located in Frankfort, Indiana.
The merger has not been completed as of March 31, 2026. Accordingly, the accompanying consolidated financial statements do not include the assets, liabilities, results of operations, or cash flows of Farmers Bancorp, and no purchase accounting adjustments have been recorded as of that date.
Note 4: Investment Securities
The amortized cost and approximate fair values, together with gross unrealized gains and losses, of investment securities are as follows:
March 31, 2026
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale
SBA Pools$3,320 $— $(372)$2,948 
Federal agencies15,000 — (956)14,044 
State and municipal obligations155,681 142 (28,090)127,733 
Mortgage-backed securities - government-sponsored enterprises (GSE) residential106,885 48 (16,004)90,929 
Corporate obligations11,500 — (1,635)9,865 
292,386 190 (47,057)245,519 
Held to maturity
State and municipal obligations2,353 7 (58)2,302 
2,353 7 (58)2,302 
Total investment securities$294,739 $197 $(47,115)$247,821 


8

December 31, 2025
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale
SBA Pools$3,473 $— $(349)$3,124 
Federal agencies15,000 — (939)14,061 
State and municipal obligations157,102 160 (25,444)131,818 
Mortgage-backed securities - government-sponsored enterprises (GSE) residential108,586 93 (15,574)93,105 
Corporate obligations11,500 — (1,693)9,807 
295,661 253 (43,999)251,915 
Held to maturity
State and municipal obligations2,748 7 (38)2,717 
2,748 7 (38)2,717 
Total investment securities$298,409 $260 $(44,037)$254,632 
The amortized cost and fair value of investment securities at March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Available for SaleHeld to Maturity
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Within one year$1,143 $1,136 $365 $365 
One to five years23,840 22,851 928 928 
Five to ten years49,238 44,128 450 447 
After ten years111,280 86,475 610 562 
185,501 154,590 2,353 2,302 
Mortgage-backed securities –GSE residential106,885 90,929 — — 
Totals$292,386 $245,519 $2,353 $2,302 
Investment securities with a carrying value of $134,486,000 and $138,306,000 were pledged at March 31, 2026 and December 31, 2025, respectively, to secure certain deposits and for other purposes as permitted or required by law.
There were no sales of securities available for sale for the three months ended March 31, 2026 or March 31, 2025.
Certain investments in debt securities, as reflected in the table below, are reported in the condensed consolidated financial statements and notes at an amount less than their historical cost. Total fair value of these investments at March 31, 2026 and December 31, 2025 was $238,904,000 and $244,503,000, respectively, which is approximately 96% and 96% of the Company’s aggregated available for sale and held to maturity investment portfolio at those dates, respectively. These declines primarily resulted from changes in market interest rates since their purchase.
The Company does not consider available for sale securities with unrealized losses to be experiencing credit losses at March 31, 2026. Management considers it more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost basis, which may be the maturity dates of the securities.
Held to maturity securities are financial assets measured at amortized cost. Held to maturity securities are required to have an established allowance for credit losses that represents the portion of the amortized cost basis of a financial asset that is not expected to be collectable. The Company estimates expected credit losses on a collective basis by security type, with consideration given to historical information, credit ratings, and the statistical probability of future losses.

9

The Company monitors the credit quality of investment securities held to maturity through the use of credit ratings quarterly. As of March 31, 2026, there was no allowance for credit losses recognized on the Company's securities held to maturity portfolio.








The following table summarizes the amortized cost of held to maturity securities by credit quality indicator as of March 31, 2026 and December 31, 2025:
State and municipal obligations
March 31, 2026December 31, 2025
AA+$175 $350 
A+190 375 
Not rated1,988 2,023 
$2,353 $2,748 
The Company has elected to exclude accrued interest receivable from the calculation of the allowance for credit losses.

10

The following tables show the Company’s investment securities by gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and December 31, 2025:
Description of
Securities		March 31, 2026
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Available for sale
SBA Pools$— $— $2,719 $(372)$2,719 $(372)
Federal agencies— — 14,044 (956)14,044 (956)
State and municipal obligations540 (10)123,542 (28,080)124,082 (28,090)
Mortgage-backed securities - GSE residential1,816 (32)85,186 (15,972)87,002 (16,004)
Corporate obligations— — 9,865 (1,635)9,865 (1,635)
Total available for sale2,356 (42)235,356 (47,015)237,712 (47,057)
Held to maturity
State and municipal obligations277 (3)915 (55)1,192 (58)
Total$2,633 $(45)$236,271 $(47,070)$238,904 $(47,115)

Description of
Securities		December 31, 2025
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Available for sale
SBA Pools$89 $— $2,856 $(349)$2,945 $(349)
Federal agencies— — 14,061 (939)14,061 (939)
State and municipal obligations— — 127,699 (25,444)127,699 (25,444)
Mortgage-backed securities - GSE residential907 (4)88,088 (15,570)88,995 (15,574)
Corporate obligations— — 9,807 (1,693)9,807 (1,693)
Total available for sale996 (4)242,511 (43,995)243,507 (43,999)
Held to maturity
State and municipal obligations— — 996 (38)996 (38)
Total$996 $(4)$243,507 $(44,033)$244,503 $(44,037)
Federal Agency Obligations.  The unrealized losses on the Company’s investments in direct obligations of U.S. federal agencies were caused by interest rate changes. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not intend to sell the investments and it is not more likely than not the Company will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.
SBA Pools and Mortgage-Backed Securities - GSE Residential.  The unrealized losses on the Company’s investment in mortgage-backed securities and SBA pools were caused by interest rate changes and illiquidity. The Company expects to recover the amortized cost basis over the term of the securities. The decline in fair value is attributable to changes in interest rates and not credit quality. The Company does not intend to sell the securities and it is not more likely than not the Company will be required to sell the securities before recovery of their amortized cost basis, which may be maturity.
State, Municipal, and Corporate Obligations.  The unrealized losses on the Company’s investments in securities of state, municipal, and corporate obligations were caused by interest rate changes. The contractual terms of those securities do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. The Company does not

11

intend to sell the securities and it is not more likely than not the Company will be required to sell the securities before recovery of their amortized cost basis, which may be maturity.
The Company expects the fair value of the securities described above to recover as the securities approach their maturity or reset date.
Note 5: Loans, Leases and Allowance
The following table shows the composition of the loan and lease portfolio at March 31, 2026 and December 31, 2025:
March 31,
2026		December 31,
2025
Commercial mortgage$414,875 $414,316 
Commercial and industrial145,214 142,508 
Construction and development74,318 71,705 
Multi-family208,034 208,894 
Residential mortgage166,257 171,063 
Home equity lines of credit21,398 20,147 
Direct financing leases142,979 145,806 
Consumer18,179 19,280 
1,191,254 1,193,719 
Less
Allowance for credit losses on loans and leases16,740 16,466 
Deferred loan fees392 440 
$1,174,122 $1,176,813 

The Company rates all loans and leases by credit quality using the following designations:
Grade 1 – Exceptional
Exceptional loans and leases are top-quality loans to individuals whose financial credentials are well known to the Company. These loans and leases have excellent sources of repayment, are well documented and/or virtually free of risk (i.e., CD secured loans).
Grade 2 – Quality Loans and Leases
These loans and leases have excellent sources of repayment with no identifiable risk of collection, and they conform in all respects to Company policy and IDFI and FDIC regulations. Documentation exceptions are minimal or are in the process of being corrected and not of a type that could subsequently expose the Company to risk of loss.
Grade 3 – Acceptable Loans
This category is for “average” quality loans and leases. These loans and leases have adequate sources of repayment with little identifiable risk of collection and they conform to Company policy and IDFI/FDIC regulations.
Grade 4 – Acceptable but Monitored
Loans and leases in this category may have a greater than average risk due to financial weakness or uncertainty but do not appear to require classification as special mention or substandard loans. Loans and leases rated “4” need to be monitored on a regular basis to ascertain that the reasons for placing them in this category do not advance or worsen.
Grade 5 – Special Mention

12

Loans and leases in this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or in the Company’s credit position at some future date. Special Mention loans and leases are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. This special mention rating is designed to identify a specific level of risk and concern about an asset’s quality. Although a special mention loan or lease has a higher probability of default than a pass rated loan or lease, its default is not imminent.
Grade 6 – Substandard
Loans and leases in this category are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
Substandard loans and leases have a high probability of payment default, or they have other well-defined weaknesses. Such loans and leases have a distinct potential for loss; however, an individual loan’s or lease’s potential for loss does not have to be distinct for the loan or lease to be rated substandard.
The following are examples of situations that might cause a loan or lease to be graded a “6”:
•Cash flow deficiencies (losses) jeopardize future loan or lease payments.
•Sale of non-collateral assets has become a primary source of loan or lease repayment.
•The relationship has deteriorated to the point that sale of collateral is now the Company’s primary source of repayment, unless this was the original source of loan or lease repayment.
•The borrower is bankrupt or for any other reason future repayment is dependent on court action.
Grade 7 – Doubtful
A loan or lease classified as doubtful has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, highly questionable and improbable. A doubtful loan or lease has a high probability of total or substantial loss. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Because of high probability of loss, nonaccrual accounting treatment will be required for doubtful loans and leases.
Grade 8 – Loss
Loans and leases classified loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the loan or lease even though partial recovery may be effected in the future.
No material changes have been made to the risk characteristics discussed above contained in the Company's 2025 Form 10-K.

13

The following tables present the credit risk profile of the Company’s loan and lease portfolio based on rating category, payment activity, and origination year as of March 31, 2026 and December 31, 2025:
20262025202420232022PriorRevolving loans amortized cost basisTotal
As of March 31, 2026:
Commercial mortgage
Pass$4,220 $66,928 $30,684 $41,649 $80,511 $136,857 $45,505 $406,354 
Special Mention873 — — — — — — 873 
Substandard— — — — — 7,648 — 7,648 
Total Commercial mortgage5,093 66,928 30,684 41,649 80,511 144,505 45,505 414,875 
Current period gross charge-offs— — — — — — — — 
Commercial and industrial
Pass5,127 23,299 13,967 20,297 5,497 20,067 55,166 143,420 
Substandard— — — — 137 29 1,628 1,794 
Total Commercial and industrial5,127 23,299 13,967 20,297 5,634 20,096 56,794 145,214 
Current period gross charge-offs— — — — — — — — 
Construction and development
Pass7,680 36,194 6,735 1,913 1,509 15,387 — 69,418 
Substandard— — — — — 4,900 — 4,900 
Total Construction and development7,680 36,194 6,735 1,913 1,509 20,287 — 74,318 
Current period gross charge-offs— — — — — — — — 
Multi-family
Pass1,840 19,004 16,966 11,005 60,392 64,027 27,649 200,883 
Substandard— — — — 2,362 4,789 — 7,151 
Total Multi-family1,840 19,004 16,966 11,005 62,754 68,816 27,649 208,034 
Current period gross charge-offs— — — — — — — — 
Residential mortgage
Pass2,852 21,079 13,536 29,155 24,279 69,537 4,077 164,515 
Substandard— — — 107 46 1,589 — 1,742 
Total Residential mortgage2,852 21,079 13,536 29,262 24,325 71,126 4,077 166,257 
Current period gross charge-offs— — — — — — — — 
Home equity
Pass59 45 — 222 — 57 20,973 21,356 
Special Mention— — — — — — 30 30 
Substandard— — — — — — 12 12 
Total Home equity lines of credit59 45 — 222 — 57 21,015 21,398 
Current period gross charge-offs— — — — — — — — 
Direct financing leases
Pass14,718 54,920 33,251 26,709 9,755 2,257 — 141,610 
Substandard— 31 16 166 59 13 — 285 
Doubtful— 76 239 530 220 19 — 1,084 
Total Direct financing leases14,718 55,027 33,506 27,405 10,034 2,289 — 142,979 
Current period gross charge-offs— 14 120 304 37 63 — 538 
Consumer
Pass1,203 5,550 4,150 3,331 2,553 1,340 — 18,127 
Substandard— — — 21 19 12 — 52 
Total Consumer1,203 5,550 4,150 3,352 2,572 1,352 — 18,179 
Current period gross charge-offs7 — — 4 — — — 11 
Total Loans and Leases$38,572 $227,126 $119,544 $135,105 $187,339 $328,528 $155,040 $1,191,254 
Total current period gross charge-offs$7 $14 $120 $308 $37 $63 $— $549 


14



20252024202320222021PriorRevolving loans amortized cost basisTotal
As of December 31, 2025:
Commercial mortgage
Pass$65,746 $28,457 $43,078 $81,156 $38,485 $104,920 $44,820 $406,662 
Substandard— — — — 7,654 — — 7,654 
Total Commercial mortgage65,746 28,457 43,078 81,156 46,139 104,920 44,820 414,316 
Current period gross charge-offs— — — — — — — — 
Commercial and industrial
Pass24,361 14,524 21,342 6,601 9,148 11,218 53,505 140,699 
Substandard— — — 173 — 30 1,606 1,809 
Total Commercial and industrial24,361 14,524 21,342 6,774 9,148 11,248 55,111 142,508 
Current period gross charge-offs— — — — 2 — — 2 
Construction and development
Pass31,478 14,823 1,914 1,516 15,946 105 — 65,782 
Special Mention— — 429 594 — — — 1,023 
Substandard— — — — — 4,900 — 4,900 
Total Construction and development31,478 14,823 2,343 2,110 15,946 5,005 — 71,705 
Current period gross charge-offs— — — — — — — — 
Multi-family
Pass19,060 16,545 10,946 62,286 46,369 20,269 26,246 201,721 
Substandard— — — 2,362 1,355 3,456 — 7,173 
Total Multi-family19,060 16,545 10,946 64,648 47,724 23,725 26,246 208,894 
Current period gross charge-offs— — — — — — — — 
Residential mortgage
Pass25,873 14,224 29,613 24,979 25,038 46,869 2,944 169,540 
Substandard— — 234 — 446 843 — 1,523 
Total Residential mortgage25,873 14,224 29,847 24,979 25,484 47,712 2,944 171,063 
Current period gross charge-offs— — — — — — — — 
Home equity
Pass48 — 224 — 57 — 19,730 20,059 
Substandard— — — — — — 88 88 
Total Home equity lines of credit48 — 224 — 57 — 19,818 20,147 
Current period gross charge-offs— — — — — — — — 
Direct financing leases
Pass59,587 37,199 31,748 12,243 3,128 604 — 144,509 
Substandard— 64 225 232 61 — — 582 
Doubtful40 212 392 38 33 — — 715 
Total Direct financing leases59,627 37,475 32,365 12,513 3,222 604 — 145,806 
Current period gross charge-offs9 260 961 413 291 23 — 1,957 
Consumer
Pass6,246 4,586 3,793 2,933 1,163 391 122 19,234 
Substandard— — 24 — 22 — — 46 
Total Consumer6,246 4,586 3,817 2,933 1,185 391 122 19,280 
Current period gross charge-offs51 19 55 72 9 23 — 229 
Total Loans and Leases$232,439 $130,634 $143,962 $195,113 $148,905 $193,605 $149,061 $1,193,719 
Total current period gross charge-offs$60 $279 $1,016 $485 $302 $46 $— $2,188 


For the three months ended March 31, 2026 and December 31, 2025, the Company did not have any revolving loans convert to term loans.

15

The following tables present the Company’s loan and lease portfolio aging analysis of the recorded investment in loans and leases as of March 31, 2026 and December 31, 2025:

March 31, 2026
Delinquent Loans and LeasesCurrentTotal
Portfolio
Loans and
Leases		Total Loans
and Leases
> 90 Days
Accruing
30-59 Days
Past Due		60-89 Days
Past Due		90 Days and
Over		Total Past
Due
Commercial mortgage$— $873 $7,435 $8,308 $406,567 $414,875 $— 
Commercial and industrial— — — — 145,214 145,214 — 
Construction and development— — 4,900 4,900 69,418 74,318 — 
Multi-family3,458 — 2,362 5,820 202,214 208,034 — 
Residential mortgage739 701 1,742 3,182 163,075 166,257 1,665 
Home equity199 7 13 219 21,179 21,398 13 
Direct financing leases149 62 — 211 142,768 142,979 — 
Consumer30 79 52 161 18,018 18,179 52 
Totals$4,575 $1,722 $16,504 $22,801 $1,168,453 $1,191,254 $1,730 

December 31, 2025
Delinquent Loans and LeasesCurrentTotal
Portfolio
Loans and
Leases		Total Loans
and Leases
> 90 Days
Accruing
30-59 Days
Past Due		60-89 Days
Past Due		90 Days and
Over		Total Past
Due
Commercial mortgage$— $— $7,435 $7,435 $406,881 $414,316 $— 
Commercial and industrial— — — — 142,508 142,508 — 
Construction and development— — 4,900 4,900 66,805 71,705 — 
Multi-family— — 2,362 2,362 206,532 208,894 2,362 
Residential mortgage773 481 1,522 2,776 168,287 171,063 1,445 
Home equity126 70 88 284 19,863 20,147 88 
Direct financing leases511 296 299 1,106 144,700 145,806 299 
Consumer148 50 46 244 19,036 19,280 46 
Totals$1,558 $897 $16,652 $19,107 $1,174,612 $1,193,719 $4,240 













16

The following table presents information on the Company’s nonaccrual loans and leases at March 31, 2026 and December 31, 2025:

March 31,
2026		December 31,
2025
Nonaccrual loans and leasesNonaccrual loans and leases without an allowance for credit lossesNonaccrual loans and leasesNonaccrual loans and leases without an allowance for credit losses
Commercial mortgage$7,436 $6,732 $7,435 $6,732 
Commercial and industrial29 — 30 — 
Construction and development4,900 — 4,900 — 
Multi-family2,362 2,362 — — 
Residential mortgage76 76 76 76 
Direct financing leases1,084 1,084 715 715 
Total nonaccrual loans and leases$15,887 $10,254 $13,156 $7,523 

During the three months ended March 31, 2026, the Company recognized $1,000 of interest income on nonaccrual loans and leases, compared to $3,000 for the three months ended December 31, 2025.

The following tables present the Company's amortized cost basis of collateral dependent loans, and their respective collateral type, which are individually analyzed to determine expected credit losses as of March 31, 2026 and December 31, 2025:

March 31, 2026
Commercial Real EstateMulti-family HousingResidential Real EstateHome Equity Line of CreditOtherTotalAllowance on Collateral Dependent Loans
Commercial mortgage$8,309 $— $— $— $— $8,309 $460 
Commercial and industrial— — — — 1,628 1,628 — 
Construction and development4,900 — — — — 4,900 1,750 
Multi-family— 7,151 — — — 7,151 250 
Residential mortgage— — 240 — — 240 — 
Home equity— — — 30 — 30 — 
Total$13,209 $7,151 $240 $30 $1,628 $22,258 $2,460 

17

December 31, 2025
Commercial Real EstateMulti-family HousingResidential Real EstateOtherTotalAllowance on Collateral Dependent Loans
Commercial mortgage$7,435 $— $— $— $7,435 $150 
Commercial and industrial— — — 1,607 1,607 — 
Construction and development5,923 — — — 5,923 1,750 
Multi-family— 7,174 — — 7,174 250 
Residential mortgage— — 124 — 124 — 
Total$13,358 $7,174 $124 $1,607 $22,263 $2,150 

Loan/Lease Modification Disclosures under ASU 2022-02
In certain situations, the Company may modify the terms of a loan or lease to a borrower experiencing financial difficulty. These modifications may include payment delays, term extensions, or interest-rate reductions. In some cases, combinations of modifications may be made to the same loan or lease. If a determination is made that a modified loan or lease has been deemed uncollectible, the loan or lease (or portion of the loan or lease) is charged-off, reducing the amortized cost basis of the loan or lease and adjusting the allowance for credit losses. During the three months ended March 31, 2026 and 2025, the Company had no new modifications to borrowers experiencing financial difficulty.
There were no modified loans or leases that had a payment default during the three months ended March 31, 2026 or 2025, and that were modified in the twelve months prior to that default by borrowers experiencing financial difficulty.
Other Real Estate Owned
Other real estate owned is included in other assets on the Condensed Consolidated Balance Sheets. There was $56,000 of other real estate owned, consisting of foreclosed residential real estate properties, at both March 31, 2026 and December 31, 2025. At March 31, 2026 and December 31, 2025, the recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process was $1,055,000 and $923,000, respectively.
Direct Financing Leases
The following lists the components of the net investment in direct financing leases:
March 31,
2026		December 31,
2025
Total minimum lease payments to be received$163,342 $166,565 
Initial direct costs9,192 9,422 
172,534 175,987 
Less: Unearned income(29,555)(30,181)
Net investment in direct finance leases$142,979 $145,806 

The following table summarizes the future minimum lease payments receivable subsequent to March 31, 2026:


18

Remainder of 2026$49,542 
202751,705 
202835,090 
202919,014 
20307,302 
Thereafter689 
$163,342 

Allowance for Credit Losses on Loans and Leases
The allowance for credit losses on loans and leases is established for current expected credit losses on the Company's loan and lease portfolios in accordance with ASC Topic 326. This requires significant judgment to estimate credit losses measured on a collective pool basis when similar risk characteristics exist, and for loans evaluated individually. The Company estimates expected future losses for the loan's entire contractual term, taking into account expected payments when appropriate. The allowance is an estimation based on management's evaluation of expected losses related to the Company's financial assets measured at amortized cost. It considers relevant available information from internal and external sources relating to the historical loss experience, current conditions and reasonable and supportable forecasts for the Company's outstanding loan and lease balances.
The Company utilizes a cash flow ("CF") analysis method of estimating expected losses, which relies on key inputs and assumptions. Significant factors affecting the calculation are the segmenting of loans and leases based upon similar risk characteristics, applied loss rates based upon reasonable and supportable forecasts, and contractual term adjustments, including prepayment and curtailment adjustments. To ensure the allowance is maintained at an adequate level, a detailed analysis is performed on a quarterly basis, with an appropriate provision made to adjust the allowance.
The Company has elected to exclude accrued interest receivable from the calculation of the allowance for credit losses, as it is the Company's policy to write off accrued interest in a timely manner as it is deemed uncollectible by reversing interest income.
The Company categorizes its loan portfolios into eight segments, as discussed above, based on similar risk characteristics. Loans within each segment are collectively evaluated using either a CF methodology or remaining life methodology. When estimating for credit loss, the Company forecasts the first four quarters of the credit loss estimate and reverts to a long-run average of each considered factor. The Company developed its reasonable and supportable forecasts using economic data, such as national gross domestic product ("GDP") and unemployment rate.
Qualitative adjustments are applied to each collectively segmented pool to appropriately capture differences in current or expected qualitative risk characteristics. When evaluating the estimation for expected credit losses, the Company evaluates these qualitative adjustments for any changes in:
•lending policies, procedures, and strategies,
•the nature and volume of the loan and lease portfolio,
•international, national, regional, and local conditions,
•the experience, depth, and ability of lending management,
•the volume and severity of past due loans,
•the quality of the loan review system,
•the underlying collateral,
•concentration risk, and
•the effect of other external factors.

The following tables summarize changes in the allowance for credit losses by segment for the three months ended March 31, 2026 and 2025, respectively:


19

Balances, December 31, 2025Provision for (reversal of) credit lossesCharge-offsRecoveriesBalances, March 31, 2026
Commercial mortgage$4,575 $238 $— $— $4,813 
Commercial and industrial1,812 (14)— 10 1,808 
Construction and development2,298 165 — — 2,463 
Multi-family2,336 (9)— — 2,327 
Residential mortgage1,833 (47)— 1 1,787 
Home equity189 11 — — 200 
Direct financing leases3,075 292 (538)177 3,006 
Consumer348 (15)(11)14 336 
Total$16,466 $621 $(549)$202 $16,740 



Balances, December 31, 2024Provision for (reversal of) credit lossesCharge-offsRecoveriesBalances, March 31, 2025
Commercial mortgage$4,486 $248 $— $— $4,734 
Commercial and industrial1,483 138 — 2 1,623 
Construction and development2,243 (242)— — 2,001 
Multi-family2,660 147 — — 2,807 
Residential mortgage1,910 (29)— 20 1,901 
Home equity184 12 — — 196 
Direct financing leases2,469 409 (518)107 2,467 
Consumer356 — (40)33 349 
Total$15,791 $683 $(558)$162 $16,078 

During the first quarter of 2026, the allowance for credit losses on loans and leases increased from $16.5 million at December 31, 2025, to $16.7 million at March 31, 2026. The increase was attributable to provisions for credit losses totaling $621,000 during the three months ended March 31, 2026, partially offset by net charge-offs of $347,000. Set forth below is a segment analysis of the loan and lease portfolio reflecting the change in the allowance for each segment, due to the change in the amount of each segment.
•Commercial Mortgage – Allowance increased as additional reserves were placed on individually evaluated loans.
•Commercial & Industrial – Allowance decreased despite a $2.7 million increase in balances, reflecting changes in portfolio composition as longer term loans paid off.
•Construction & Development – Allowance increased in line with loan balances increasing by $2.6 million.
•Multi-Family – Allowance decreased as longer term loans paid off and portfolio balances decreased $860,000.
•Home Equity - Allowance increased as loan balances increased $1.3 million.
•Residential Mortgage, Direct Financing Leases, and Consumer – Allowances decreased in line with lower portfolio balances and stable credit trends.
Our commercial loan portfolio, consisting of commercial and multi-family real estate loans, commercial and industrial loans, and construction loans, represented 70.7% and 70.2% of our portfolio as of March 31, 2026 and December 31, 2025, respectively. The allowance for credit losses on loans and leases allocated to the commercial loan portfolio represented 68.2% and 66.9% of our total allowance at March 31, 2026 and December 31, 2025, respectively.

Economic Outlook
Due to the future-focused nature of the calculation for the allowance for credit losses, management must make significant assumptions. Estimating an appropriate allowance requires management to use relevant forward-looking information drawn

20

from reasonable and supportable forecasts. Economic factors are a consequential part of these forecasts, and as such are evaluated periodically for developments that may impact the Company's allowance for credit losses and loan and lease portfolio.

As of March 31, 2026, several key economic factors continue to influence the Company's loan and lease portfolio. Persistent inflation, slowing economic growth, and labor market uncertainty are contributing to a more challenging operating environment for many borrowers. In addition, geopolitical tensions and tariff-related risks are creating potential disruptions in supply chains and increased input costs for certain industries. These conditions may continue to affect borrower performance and credit demand in the near term. Despite these challenges, the Company's overall credit quality remains stable, supported by conservative underwriting standards and ongoing portfolio monitoring. Management continues to evaluate macroeconomic assumptions used in the allowance for credit losses model to ensure they reflect current and expected economic conditions.

The Company remains focused on its three strategic growth markets: Columbus, Ohio, Cincinnati/Dayton/Springfield, Ohio, and Indianapolis, Indiana. These markets continue to exhibit above-average population and employment growth, strong commercial activity, and resilient real estate fundamentals relative to broader economic trends. The Company's loan growth in these markets continues to be concentrated in commercial real estate lending, consistent with its strategic focus and relationship-based lending model. Forecasts for these markets are summarized below:

•Columbus, Ohio – The Columbus MSA continues to experience steady economic conditions, driven by growth in healthcare and state government employment. Job creation in professional and design services indicates high activity in engineering and related consulting, and the housing market's high demand is supported by long-term population growth and regional investments. Despite the positive momentum, the market faces challenges such as persistent inflationary pressures, affordability constraints, and labor shortages across multiple industries.
•Cincinnati/Dayton/Springfield, Ohio – The Cincinnati/Dayton/Springfield MSA is projected to experience moderate economic growth during 2026. Cincinnati leads the region in employment and GDP gains, supported by manufacturing, construction, and technology investments. Dayton is experiencing economic growth in manufacturing, aerospace, and defense alongside a tightening industrial real estate market. The region is experiencing continued growth supported by increased investment and declining industrial vacancy rates; labor demand remains stable. Ongoing labor market constraints, particularly in skilled trades and technology fields, persist. The region’s connection with Columbus as part of Ohio’s emerging Silicon Corridor enhances opportunities for investment, workforce development, and regional competitiveness.
•Indianapolis, Indiana – The Indianapolis MSA continues to demonstrate moderate growth driven by investment in pharmaceutical manufacturing and ongoing urban revitalization initiatives. Downtown capital projects totaling approximately $6 billion are underway; the READI 2.0 program commits funding toward improving quality of life and infrastructure in the region. Inflation and tariff-related impacts on manufacturing present ongoing challenges; however, the region remains well positioned relative to peer metros due to its diversified and innovation-driven economy.
The overall economic outlook remains complex and uncertain, creating a challenging environment requiring continued vigilance and adaptability. Potential economic volatility could materially affect the Company’s loan and lease portfolio, including the allowance for credit losses. As a result, the Company expects that future estimates may fluctuate throughout the remainder of 2026.

Allowance for Credit Losses on Unfunded Commitments
The allowance for credit losses on unfunded commitments is included in other liabilities on the Condensed Consolidated Balance Sheets. The estimate of expected losses on unfunded commitments is calculated based on the loss rate for the loan or lease segment in which the loan or lease commitments would be classified if funded, adjusted for the estimate of funding probability. Adjustments to the allowance, either additional provisions or reversals, are recorded in the provision for (reversal of) credit losses in the Condensed Consolidated Statements of Income.

The following table details activity in the allowance for credit losses on unfunded commitments during the three months ended March 31, 2026 and 2025:

21

Three Months Ended March 31,
20262025
Beginning balance$328 $558 
Provision for credit losses72 48 
Ending balance$400 $606 


Note 6: Fair Value of Financial Instruments
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:
Level 1    Quoted prices in active markets for identical assets or liabilities
Level 2    Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities
Level 3    Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities
Recurring Measurements
The following tables present the fair value measurements of assets recognized in the Condensed Consolidated Balance Sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at March 31, 2026 and December 31, 2025:
Fair Value Measurements Using
Fair
Value		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
March 31, 2026
Available for sale securities
SBA Pools$2,948 $— $2,948 $— 
Federal agencies14,044 — 14,044 — 
State and municipal obligations127,733 — 126,270 1,463 
Mortgage-backed securities - GSE residential90,929 — 90,929 — 
Corporate obligations9,865 — 9,865 — 
$245,519 $— $244,056 $1,463 


22

Fair Value Measurements Using
Fair
Value		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2025
Available for sale securities
SBA Pools$3,124 $— $3,124 $— 
Federal agencies14,061 — 14,061 — 
State and municipal obligations131,818 — 130,339 1,479 
Mortgage-backed securities - GSE residential93,105 — 93,105 — 
Corporate obligations9,807 — 9,807 — 
$251,915 $— $250,436 $1,479 

Following is a description of the valuation methodologies and inputs used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the three months ended March 31, 2026.

Available for Sale Securities
Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy, which includes equity securities.  If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows. Level 2 securities include agency securities, obligations of state and political subdivisions, and mortgage-backed securities. Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.
Nonrecurring Measurements
As of March 31, 2026 and December 31, 2025, there were no assets or liabilities measured at fair value on a nonrecurring basis.
Fair Value of Financial Instruments
The following tables present estimated fair values of the Company’s financial instruments at March 31, 2026 and December 31, 2025:

23

Fair Value Measurements Using
Carrying
Value		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
March 31, 2026
Financial assets
Cash and cash equivalents$34,798 $34,798 $— $— 
Interest-earning time deposits2,820 — 2,820 — 
Available for sale securities245,519 — 244,056 1,463 
Held to maturity securities2,353 — 2,717 — 
Loans held for sale835 — — 835 
Loans and leases receivable, net1,174,122 — — 1,139,564 
FHLB stock13,907 — 13,907 — 
Interest receivable6,175 — 6,175 — 
Financial liabilities
Deposits1,106,365 — 1,108,239 — 
FHLB advances256,000 — 256,069 — 
Interest payable2,662 — 2,662 — 

Fair Value Measurements Using
Carrying
Value		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2025
Financial assets
Cash and cash equivalents$33,130 $33,130 $— $— 
Interest-earning time deposits2,070—2,070—
Available for sale securities251,915 —250,436 1,479 
Held to maturity securities2,748 — 2,717 — 
Loans held for sale828 — — 828 
Loans and leases receivable, net1,176,813 — — 1,148,160 
FHLB stock13,907 — 13,907 — 
Interest receivable6,300 — 6,300 — 
Financial liabilities
Deposits1,114,893 — 1,117,026 — 
FHLB advances240,000 — 240,832 — 
Other borrowings12,000 — 12,041 — 
Interest payable3,457 — 3,457 — 

Note 7: Earnings per Share
Basic EPS is computed by dividing net income allocated to common stock by the weighted average number of common shares outstanding during the period which excludes the participating securities. Diluted EPS includes the dilutive effect of additional potential common shares from stock compensation awards, but excludes awards considered participating securities. ESOP shares are not considered outstanding for EPS until they are earned. The following table presents the computation of basic and diluted EPS for the periods indicated:

24

Three Months Ended March 31,
20262025
Net income$2,785 $1,968 
Shares outstanding for Basic EPS:
Average shares outstanding10,501,260 10,712,912 
Less: average restricted stock award shares not vested88,379 83,379 
Less: average unearned ESOP Shares734,779 788,885 
Shares outstanding for Basic EPS9,678,102 9,840,648 
Additional Dilutive Shares182,003 243,649 
Shares outstanding for Diluted EPS9,860,105 10,084,297 
Basic Earnings Per Share$0.29 $0.20 
Diluted Earnings Per Share$0.28 $0.20 




Note 8: Benefit Plans
401(k)
The Company has a retirement savings 401(k) plan, in which substantially all employees may participate. The Company matches employees' contributions at the rate of 50 percent for the first six percent of base salary contributed by participants. The Company’s expense for the plan was $36,000 for the three months ended March 31, 2026 and $65,000 for the three months ended March 31, 2025.
Employee Stock Ownership Plan
As part of the reorganization and related stock offering, the Company established an Employee Stock Ownership Plan, or ESOP, covering substantially all employees. The ESOP acquired 1,082,130 shares of Company common stock at an average price of $13.59 per share on the open market with funds provided by a loan from the Company. Dividends on unallocated shares used to repay the loan for the Company are recorded as a reduction of the loan or accrued interest, as applicable. Dividends on allocated shares paid to participants are reported as compensation expense. Unearned ESOP shares which have not yet been allocated to ESOP participants are excluded from the computation of average shares outstanding for earnings per share calculation. Accordingly, $9,803,000 and $9,987,000 of common stock acquired by the ESOP was shown as a reduction of stockholders’ equity at March 31, 2026 and December 31, 2025, respectively. Shares are released to participants proportionately as the loan is repaid.

25

ESOP expense for the three months ended March 31, 2026 and 2025 was $188,000 and $178,000, respectively.
March 31,
2026		December 31,
2025
Earned ESOP shares360,727 347,201 
Unearned ESOP shares721,403 734,929 
Total ESOP shares1,082,130 1,082,130 
Quoted per share price$13.57 $14.04 
Fair value of earned shares (in thousands)$4,895 $4,875 
Fair value of unearned shares (in thousands)$9,789 $10,318 

Richmond Mutual Bancorporation, Inc. 2020 Equity Incentive Plan
On September 15, 2020, the Company's stockholders approved the Richmond Mutual Bancorporation, Inc. 2020 Equity Incentive Plan ("2020 EIP") which provides for the grant to eligible participants of up to (i) 1,352,662 shares of Company common stock to be issued upon the exercise of stock options and stock appreciation rights and (ii) 541,065 shares of Company common stock to participants as restricted stock awards (which may be in the form of shares of common stock or share units giving the participant the right to receive shares of common stock at a specified future date).
Restricted Stock Awards. Under the Company's 2020 Equity Incentive Plan (the "2020 EIP"), 453,086 shares of common stock were granted in fiscal years 2020 and 2021 with grant date fair values ranging from $10.53 to $13.86 per share. As of March 31, 2026, these awards were fully vested.
On July 15, 2025, the Company awarded 37,126 shares of common stock under the 2020 EIP to eligible participants. The grant date fair value was $13.37 per share, for a total fair value of $496,000 at issuance. On November 20, 2025, the Company awarded an additional 51,253 shares of common stock under the 2020 EIP with a grant date fair value of $12.92 per share (total fair value of $662,000 at issuance) to eligible participants. These awards vest in five equal installments, with the first installment vesting on June 30, 2026, subject to the participant's continued service. Any shares forfeited prior to vesting may be reissued to eligible recipients in future grants until the 2020 EIP expires in September 2030.
The following table summarizes the restricted stock award activity in the 2020 EIP during the three months ended March 31, 2026.
Three Months Ended March 31, 2026
Number of Restricted SharesWeighted Average Grant Date Fair Value
Non-vested, beginning of period88,379$13.11 
Granted—— 
Vested—— 
Forfeited—— 
Non-vested, March 31, 202688,37913.11 
Total compensation cost recognized in the Condensed Consolidated Statements of Income for restricted stock awards during the three months ended March 31, 2026 and 2025 was $79,000 and $217,000, and the related tax benefit recognized was $17,000 and $46,000, respectively. As of March 31, 2026, there was $1.0 million of unrecognized compensation expense related to restricted stock awards.
Stock Option Plan. Under the Company's 2020 EIP, options to purchase an aggregate of 1,103,657 shares of common stock were granted in fiscal years 2021 and 2022 at exercise prices ranging from $10.53 to $13.86 per share. As of March 31, 2026, these awards were fully vested.

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On July 15, 2025, the Company awarded options to purchase 55,467 shares of common stock under the 2020 EIP with an exercise price of $13.37 per share, the fair value of a share of the Company's common stock on the date of grant, to eligible participants. These awards vest in five equal annual installments with the first vesting occurring on June 30, 2026. Forfeited options are available to be awarded in future grants until the 2020 EIP terminates in September 2030.
The following table summarizes the stock option activity in the 2020 EIP during the three months ended March 31, 2026.
Three Months Ended March 31, 2026
Number of SharesWeighted-Average Exercise Price
Balance at beginning of period760,852$10.76 
Granted—— 
Exercised—— 
Forfeited/expired—— 
Balance, March 31, 2026760,85210.76 
Exercisable at end of period705,385$10.56 

The fair value of options granted is estimated on the date of the grant using a Black Scholes model with the following assumptions:
July 15, 2025
Dividend yields4.49 %
Volatility factors of expected market price of common stock30.00 %
Risk-free interest rates4.16 %
Expected life of options6.5 years

A summary of the status of the Company stock option shares as of March 31, 2026 is presented below.
SharesWeighted Average Grant Date Fair Value
Non-vested, beginning of year55,467$3.00 
Vested—— 
Granted—— 
Forfeited—— 
Non-vested, March 31, 202655,467$3.00 

Total compensation cost recognized in the Condensed Consolidated Statements of Income for option-based payment arrangements for the three months ended March 31, 2026 and 2025 was $8,000 and $146,000, and the related tax benefit recognized was $0 and $16,000, respectively. As of March 31, 2026, there was $137,000 in unrecognized compensation expense related to the stock option awards.
Note 9: Qualified Affordable Housing Investments
The Company has investments in certain limited partnerships that fund affordable housing projects and provide the Company with low income housing tax credits ("LIHTC"). At March 31, 2026 and December 31, 2025, the balance of these investments

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in LIHTC totaled $731,000 and $775,000, respectively. These balances are reflected in the other assets line of the Condensed Consolidated Balance Sheets. The assets are amortized as a component of the provision for income taxes.
The following table summarizes the amortization expense and tax credits recognized for the Company's LIHTC investments for the three months ended March 31, 2026 and 2025.
Three Months Ended March 31,
20262025
Amortization expense$44 $44 
Tax credits recognized4747

Note 10: Segment Information
The Company has one reportable segment: community banking. The Company's reportable segment is determined by the Chief Executive Officer, who serves as the chief operating decision maker ("CODM"), based on information regarding the Company's products and services. The CODM evaluates the financial performance of the Company's business components by assessing revenue streams, significant expenses, and budget-to-actual results.
The Company's primary source of revenue is providing banking services to its customers. Significant expenses associated with banking operations include interest expense, credit loss expense, and salaries and employee benefits. The CODM evaluates performance, directs resource allocation, and makes key operating decisions based on consolidated net income reported in the Condensed Consolidated Statements of Income. Segment assets are measured based on total consolidated assets as reported in the Condensed Consolidated Balance Sheets.

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ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
Management’s discussion and analysis of financial condition of the Richmond Mutual Bancorporation, Inc. (the “Company”) at March 31, 2026, and the consolidated results of operations for the three month periods ended March 31, 2026, compared to the same periods in 2025, is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited condensed consolidated financial statements and the notes thereto appearing in Part I, Item 1, of this Form 10-Q.
The terms “we,” “our,” “us,” or the “Company” refer to Richmond Mutual Bancorporation, Inc. and its consolidated direct and indirect subsidiaries, including First Bank Richmond, which we sometimes refer to as the “Bank,” unless the context otherwise requires.
Cautionary Note Regarding Forward-Looking Statements
Certain matters in this Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are not statements of historical fact, are based on certain assumptions and are generally identified by use of words such as “believes,” “expects,” “anticipates,” “estimates,” “forecasts,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook,” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.”   These forward-looking statements include, but are not limited to:
•statements of our goals, intentions and expectations;
•statements regarding our business plans, prospects, growth and operating strategies;
•statements regarding the quality of our loan and investment portfolios; and
•estimates of our risks and future costs and benefits.
You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.  These forward-looking statements are based on our current beliefs and expectations and, by their nature, are inherently subject to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.
Important factors that could cause our actual results to differ materially from the results anticipated or projected include, but are not limited to, the following:
•adverse impacts to economic conditions in our local market areas and other markets where we have lending relationships;
•effects of employment levels, labor shortages, persistent inflation, recessionary pressures, or slowing economic growth;
•changes in interest rate levels and the duration of such changes, including actions by the Board of Governors of the Federal Reserve System (the "Federal Reserve");
•the impact of inflation and monetary and fiscal policy responses thereto, and their impact on consumer behavior;
•effects of a federal government shutdown, debt ceiling standoff, or other fiscal policy uncertainty;
•changes in the level and direction of loan or lease delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses;
•our ability to access cost-effective funding including maintaining the confidence of depositors;

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•unexpected outflows of uninsured deposits may require us to sell investment securities at a loss;
•fluctuations in real estate values, and residential, commercial, and multi-family real estate market conditions;
•demand for loans and deposits in our market area;
•our ability to implement and change our business strategies;
•competition among depository and other financial institutions and equipment financing companies;
•bank failures or other adverse developments at banks and related negative press about the banking industry in general on investor and depositor sentiment;
•inflation and changes in the interest rate environment that reduce our margins and yields, our mortgage banking revenues, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on our loans and leases;
•adverse changes in the securities or secondary mortgage markets;
•changes in the quality or composition of our loan, lease or investment portfolios;
•our ability to keep pace with technological changes, including our ability to identify and address cyber-security risks such as data security breaches, "denial of service" attacks, "hacking" and identity theft, and other attacks on our information technology systems or on our third-party vendors;
•results of examinations by regulatory authorities and potential requirements to increase credit loss allowances, write-down assets, reclassify assets, change our regulatory capital position, or affect our liquidity and earnings;
•the inability of third-party providers to perform as expected;
•our ability to manage market risk, credit risk and operational risk in the current economic environment;
•our ability to enter new markets successfully and capitalize on growth opportunities;
•our ability to attract and retain key employees;
•our compensation expense associated with equity allocated or awarded to our employees;
•changes in the financial condition, results of operations or future prospects of issuers of securities that we own;
•our ability to successfully integrate into our operations any assets, liabilities, customers, systems and management personnel we may acquire and our ability to realize related revenue synergies and cost savings within expected time frames, and any goodwill charges related thereto;
•changes in consumer spending, borrowing and savings habits;
•changes in accounting policies and practices, as may be adopted by banking regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission ("SEC") or the Public Company Accounting Oversight Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods;
•legislation or regulatory changes, including but not limited to shifts in capital requirements, banking regulation, tax laws, or consumer protection laws;
•our ability to pay dividends on our common stock;
•our ability to adapt to rapid technological changes, including advancements in artificial intelligence, digital banking, and cybersecurity;

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•geopolitical developments and international conflicts, including but not limited to tensions or instability in Eastern Europe, the Middle East, and Asia, or the imposition of new or increased tariffs and trade restrictions, which may disrupt financial markets, global supply chains, energy prices, or economic activity in specific industry sectors;
•other economic, competitive, governmental, regulatory, and technical factors affecting our operations, pricing, products and services;
•the effects of climate change, severe weather, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest, and other external events; and
•the other risks detailed in this report and from time to time in our other filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K").
Further, statements about the potential effects of the Company’s proposed merger with The Farmers Bancorp, Frankfort, Indiana ("Farmers Bancorp") on the Company’s business, financial results, and condition may constitute forward-looking statements and are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in the forward-looking statements due to factors and future developments which are uncertain, unpredictable and in many cases beyond the Company’s control, including the following:
•events, changes, or circumstances that could give rise to the right of either party to terminate the merger agreement;
•the possibility that the merger may not be completed on the anticipated terms, within the expected timeframe, or at all;
•failure to obtain shareholder approvals;
•challenges in meeting expectations regarding the timing, completion, accounting, and tax treatment of the merger;
•the potential that anticipated cost savings, synergies, or revenue enhancements may not be realized to the extent anticipated, or at all, or may take longer to achieve;
•higher-than-expected transaction costs, integration costs, or unexpected events related to the transaction and subsequent integration;
•dilution from the issuance of additional Richmond Mutual common stock in connection with the merger;
•potential litigation or other legal proceedings related to the merger;
•restrictions during the pendency of the transaction that may limit business opportunities or strategic initiatives;
•the ability to successfully integrate operations, systems, personnel, and technologies post-merger;
•disruption to customer, employee, or vendor relationships, including key community relationships;
•diversion of management’s attention from ongoing operations and strategic initiatives;
•lower-than-expected revenues or profitability following the merger;
•changes in credit, capital markets, or economic, political, or regulatory conditions;
•competition from banks and other financial service providers;
•the Company’s, Farmers Bancorp’s or the combined company’s success at managing the risks involved in the foregoing items; and
•other factors detailed in Richmond Mutual’s filings with the SEC.

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These forward-looking statements are based on information known to us as of the date of this Form 10-Q and speak only as of that date. We undertake no obligation to publicly update or revise any forward-looking statements included in this report or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur and you should not put undue reliance on any forward-looking statements.
Additional factors that may affect our results are discussed under Part II, Item 1A in this document under the heading "Risk Factors."
Overview
The Company, a Maryland corporation, is a bank holding company for its wholly owned subsidiary, First Bank Richmond. Substantially all of the Company's business is conducted through First Bank Richmond. The Company is regulated by the Federal Reserve and the Indiana Department of Financial Institutions ("IDFI"). The Company's corporate office is located at 31 North 9th Street, Richmond, Indiana, and its telephone number is (765) 962-2581.
First Bank Richmond is an Indiana state-chartered commercial bank headquartered in Richmond, Indiana. The Bank was originally established in 1887 as an Indiana state-chartered mutual savings and loan association and in 1935 converted to a federal mutual savings and loan association, operating under the name First Federal Savings and Loan Association of Richmond. In 1993, the Bank converted to a state-chartered mutual savings bank and changed its name to First Bank Richmond, S.B. In 1998, the Bank, in connection with its non-stock mutual holding company reorganization, converted to a national bank charter operating as First Bank Richmond, National Association. In July 2007, Richmond Mutual Bancorporation-Delaware, the Bank’s then current holding company, acquired Mutual Federal Savings Bank headquartered in Sidney, Ohio.  Mutual Federal Savings Bank was operated independently as a separately chartered, wholly owned subsidiary of Richmond Mutual Bancorporation-Delaware until 2016 when it was combined with the bank through an internal merger transaction that consolidated both banks into a single, more efficient commercial bank charter. In 2017, the Bank converted to an Indiana state-chartered commercial bank and changed its name to First Bank Richmond. The former Mutual Federal Savings Bank continues to operate in Ohio under the name Mutual Federal, a division of First Bank Richmond.
First Bank Richmond provides a full range of banking services through its seven full- and one limited-service offices located in Cambridge City (1), Centerville (1), Richmond (5) and Shelbyville (1), Indiana and its six full-service offices located in Piqua (2), Sidney (2), Troy (1), and Columbus (1), Ohio. Administrative, trust and wealth management services are conducted through First Bank Richmond’s Corporate Office/Financial Center located in Richmond, Indiana. As an Indiana-chartered commercial bank, First Bank Richmond is subject to regulation by the IDFI and the Federal Deposit Insurance Corporation (“FDIC”).
Our principal business consists of attracting deposits from the general public, as well as brokered deposits, and investing those funds primarily in loans secured by commercial and multi-family real estate, first mortgages on owner-occupied, one- to four-family residences, a variety of consumer loans, direct financing leases and commercial and industrial loans. We also obtain funds by utilizing Federal Home Loan Bank (“FHLB”) advances. Funds not invested in loans generally are invested in investment securities, including mortgage-backed and mortgage-related securities and government sponsored agency and municipal bonds.
First Bank Richmond generates commercial, mortgage and consumer loans and leases and gathers deposits primarily within Wayne and Shelby Counties, Indiana and Shelby, Miami, and Franklin Counties, Ohio, which together comprises its primary market area. First Bank Richmond also operates a nationwide equipment leasing business, focusing on direct financing leases for equipment integral to small and mid-sized business operations, including technology, medical, manufacturing, industrial, construction, and transportation equipment. First Bank Richmond's trust and wealth management division provides fiduciary, investment management, and custodial services. Wealth management assets under management and administration totaled $249.9 million at March 31, 2026.
Our results of operations are primarily dependent on net interest income, the difference between interest income earned on loans and investments and interest expense paid on deposits and borrowings. Other significant sources of income include service charges on deposit accounts, loan servicing fees, gains on sales of residential mortgage loans, and securities transactions. Changes in market interest rates, the shape of the yield curve, and the mix and volume of interest-earning assets and interest-bearing liabilities significantly affect the Company's net interest margin and profitability.

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At March 31, 2026, on a consolidated basis, we had $1.5 billion in assets, $1.2 billion in loans and leases, net of allowance, $1.1 billion in deposits, and $144.9 million in stockholders’ equity. At March 31, 2026, First Bank Richmond’s total risk-based capital ratio was 14.62%, exceeding the 10.0% requirement for a well-capitalized institution. For the three months ended March 31, 2026, net income was $2.8 million, compared with net income of $2.0 million for the three months ended March 31, 2025.
Proposed Merger with The Farmers Bancorp, Frankfort, Indiana
On November 11, 2025, the Company entered into an Agreement and Plan of Merger (the “merger agreement”) with Farmers Bancorp, pursuant to which Farmers Bancorp will merge with and into the Company, with the Company as the surviving corporation (the “merger”). Immediately following the merger, The Farmers Bank will merge with and into First Bank Richmond, with First Bank Richmond as the surviving institution.
The transaction has been approved by the boards of directors of both companies, and all required regulatory approvals have been received. A special meeting of Farmers Bancorp shareholders to approve the merger agreement and related transactions is scheduled for May 26, 2026. The Company will seek shareholder approval of the issuance of its shares in the transaction at its annual meeting of shareholders to be held on May 27, 2026. The transaction is expected to be completed at or around the end of the second quarter of 2026, subject to shareholder approvals and the satisfaction of customary closing conditions.
Under the terms of the merger agreement, holders of Farmers Bancorp common stock will receive 3.40 shares of Company common stock for each share of Farmers Bancorp common stock. The total value of the transaction will fluctuate based on the Company’s stock price prior to closing. Upon completion of the transaction, Farmers Bancorp shareholders are expected to own approximately 38% of the Company.
The combined company will continue to trade on the Nasdaq Capital Market under the ticker symbol "RMBI." The holding company will operate under the name "Richmond Mutual Bancorporation, Inc.," and the combined bank, subject to regulatory approval, will operate under the new name "First Bank Midwest". The administrative headquarters of the combined company will be located in Richmond, Indiana, and the administrative headquarters of the combined bank will be located in Frankfort, Indiana.
Critical Accounting Estimates
We prepare our consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). In doing so, we have to make estimates and assumptions. Our critical accounting estimates are those estimates that involve a significant level of uncertainty at the time the estimate was made, and changes in the estimate that are reasonably likely to occur from period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. Accordingly, actual results could differ materially from our estimates. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. We have reviewed our critical accounting estimates with the audit committee of our Board of Directors.
There have been no significant changes during the three months ended March 31, 2026 to the critical accounting estimates reported in Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Form 10-K. See "Critical Accounting Estimates" included in Part II, Item 7 of our 2025 Form 10-K for a further discussion of our Critical Accounting Estimates.
Comparison of Financial Condition at March 31, 2026 and December 31, 2025
General.  Total assets decreased $6.6 million, or 0.4%, to $1.5 billion at March 31, 2026 from December 31, 2025. The decrease was primarily the result of a $6.8 million, or 2.7%, decrease in investment securities, to $247.9 million, and a $2.7 million, or 0.2%, decrease in loans and leases, net of allowance for credit losses, to $1.2 billion, partially offset by a $1.7 million, or 5.0%, increase in cash and cash equivalents to $34.8 million.
Investment Securities. Investment securities available for sale totaled $245.5 million and $251.9 million, while investment securities held to maturity totaled $2.4 million and $2.7 million at March 31, 2026 and December 31, 2025, respectively. The $6.4 million, or 2.5%, decrease in investment securities available for sale was primarily due to $4.0 million in maturities and principal repayments and a $3.1 million downward mark-to-market adjustment on the investment portfolio, partially offset by $955,000 in purchases of securities. The $395,000 decrease in investment securities held to maturity was the

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result of scheduled principal repayments and maturities. The proceeds received from the maturities and repayments of investment securities were primarily used to fund loan growth consistent with the Company's strategy to prioritize higher-yielding assets in a moderating interest rate environment.
Loans and Leases. Loans and leases, net of allowance for credit losses on loans and leases, decreased $2.7 million, or 0.2%, to $1.2 billion at March 31, 2026 from December 31, 2025, resulting from decreases in residential mortgage, direct financing leases, and consumer loans of $4.8 million, $2.8 million, and $1.1 million, respectively. These decreases were partially offset by a $2.7 million increase in commercial and industrial loans, and a $2.6 million increase in construction and development loans. At March 31, 2026, loans held for sale totaled $835,000, compared to $828,000 at December 31, 2025.
Nonaccrual loans and leases totaled $15.9 million at March 31, 2026, compared to $13.2 million at December 31, 2025. The increase was primarily due to one multi-family loan of $2.4 million, which was past due 90 days or more and accruing at December 31, 2025. Accruing loans and leases past due 90 days or more totaled $1.7 million and $4.2 million at March 31, 2026 and December 31, 2025, respectively. The decrease in accruing loans past due 90 days or more was primarily due to the transfer of the previously mentioned multi-family loan to nonaccrual. Nonperforming loans and leases, consisting of nonaccrual loans and leases and accruing loans and leases 90 days or more past due, totaled $17.6 million, or 1.48% of total loans and leases, at March 31, 2026, compared to $17.4 million, or 1.46% of total loans and leases, at December 31, 2025.
Allowance for Credit Losses. The allowance for credit losses on loans and leases increased $274,000, or 1.7%, to $16.7 million at March 31, 2026 from December 31, 2025. At March 31, 2026, the allowance for credit losses on loans and leases totaled 1.41% of total loans and leases outstanding. At December 31, 2025, the allowance for credit losses on loans and leases totaled $16.5 million, or 1.38% of total loans and leases outstanding. Net charge-offs during the first three months of 2026 totaled $347,000, and were primarily attributable to direct financing leases, compared to net charge-offs of $395,000 during the first three months of 2025.
Management regularly analyzes conditions within its geographic markets and evaluates its loan and lease portfolio. The Company evaluated its exposure to potential loan and lease losses as of March 31, 2026, which evaluation included consideration of a potential recession due to inflation, stock market volatility, and overall geopolitical tensions. Credit metrics are being reviewed and stress testing is being performed on the loan portfolio on an ongoing basis. For additional information on the allowance for credit losses, see "Allowance for Credit Losses on Loans and Leases" and "Economic Outlook" in "Note 5: Loans, Leases and Allowance" of the "Notes to Condensed Consolidated Financial Statements" in this report.
Other Assets. Other assets increased $489,000, or 2.6%, to $19.3 million at March 31, 2026 from $18.8 million at December 31, 2025. The increase was primarily caused by an increase in the Company's deferred tax asset, reflecting higher unrealized losses in the available for sale investment portfolio.
Deposits. Total deposits decreased $8.5 million, or 0.8%, to $1.1 billion at March 31, 2026 from December 31, 2025. The decrease in deposits primarily was due to decreases in retail (non-brokered) time deposits of $13.9 million, and savings and money market accounts of $3.1 million. These decreases were partially offset by an increase in interest-bearing demand deposits of $8.6 million. Brokered deposits totaled $236.5 million, or 21.4% of total deposits, at March 31, 2026, compared to $235.9 million, or 21.2% of total deposits, at December 31, 2025. At March 31, 2026, noninterest-bearing deposits totaled $99.4 million, or 9.0% of total deposits, compared to $100.1 million, or 9.0% of total deposits, at December 31, 2025.
As of March 31, 2026, approximately $247.9 million of our deposit portfolio, or 22.4% of total deposits, excluding collateralized public deposits, was uninsured. The uninsured amounts are estimated based on the methodologies and assumptions used for First Bank Richmond's regulatory reporting requirements.
Borrowings. Total borrowings increased $4.0 million, or 1.6%, to $256.0 million at March 31, 2026, compared to $252.0 million at December 31, 2025, reflecting a modest increase in FHLB advances. However, the average balance of FHLB borrowings decreased $4.9 million to $241.1 million during the first quarter of 2026 compared to the fourth quarter of 2025, as the Company continued to reduce its reliance on wholesale funding over the course of the quarter. The weighted-average interest rate on FHLB advances was 4.09% at March 31, 2026, compared to 3.96% at December 31, 2025.
Management strategically utilizes FHLB advances to supplement deposit funding, support loan growth, and manage interest rate risk. Management will continue to monitor borrowing needs and adjust FHLB advances as necessary to maintain liquidity and support lending activities.

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Stockholders’ Equity. Stockholders’ equity totaled $144.9 million at March 31, 2026, a decrease of $871,000, or 0.6%, from December 31, 2025. The decrease primarily resulted from a $2.5 million increase in accumulated other comprehensive loss as a result of a reduction in fair values in the Company's available for sale investment portfolio, and the payment of $1.5 million in dividends to stockholders, partially offset by net income of $2.8 million.
The available-for-sale portfolio had a net unrealized loss of $46.9 million at March 31, 2026, compared to $43.7 million at December 31, 2025. The after-tax impact of the AOCL on equity was $37.0 million at March 31, 2026, compared to $34.6 million at December 31, 2025.
The Company's equity to asset ratio was 9.54% at March 31, 2026. At March 31, 2026, First Bank Richmond's Tier 1 capital to total assets ratio was 11.10% and its capital was well in excess of all regulatory requirements.
Comparison of Results of Operations for the Three Months Ended March 31, 2026 and 2025.
General. Net income for the three months ended March 31, 2026 was $2.8 million, an $817,000 or 41.5% increase from net income of $2.0 million for the three months ended March 31, 2025. Diluted earnings per share were $0.28 for the first quarter of 2026, compared to $0.20 diluted earnings per share for the first quarter of 2025. The increase in net income primarily was the result of an increase in net interest income of $1.2 million and an increase in noninterest income of $136,000, partially offset by an increase in noninterest expense of $331,000 and income tax expense of $214,000.
Interest Income.  Interest income increased $294,000, or 1.4%, to $21.2 million during the quarter ended March 31, 2026, compared to $20.9 million during the quarter ended March 31, 2025. The increase was primarily driven by growth in interest income on loans and leases, partially offset by a decrease in interest income from other earning assets.
Interest income on loans and leases increased $337,000, or 1.8%, to $19.1 million for the quarter ended March 31, 2026, from $18.8 million for the comparable quarter in 2025. The increase was primarily driven by a 10 basis point improvement in the average yield, which rose to 6.46% from 6.36%, as new loans and leases were originated at higher rates than the average yield in the existing loan and lease portfolio and existing variable rate loans adjusted upward during the period due to the overall higher interest rate environment. The average outstanding loan and lease balance was relatively stable at approximately $1.2 billion for both periods.
Interest income on investment securities, excluding FHLB stock, decreased $70,000, or 4.2%, to $1.6 million for the first quarter of 2026 from the comparable quarter in 2025. The decrease was due to a $5.3 million decrease in the average balance, primarily as a result of maturities and paydowns on securities, and a six basis point decrease in the average yield earned on investment securities. The average yield on investment securities, excluding FHLB stock, decreased to 2.46% for the first quarter of 2026, compared to 2.52% for the first quarter of 2025. The average balance of investment securities, excluding FHLB stock, decreased to $256.8 million for the quarter ended March 31, 2026, compared to $262.1 million for the quarter ended March 31, 2025.
Dividends on FHLB stock decreased $20,000, or 6.4%, during the quarter ended March 31, 2026, from the comparable quarter in 2025, resulting in an average yield on FHLB stock of 8.37% for the three months ended March 31, 2026, compared to 8.95% for the three months ended March 31, 2025. Interest income on cash and cash equivalents increased $47,000, or 35.9%, to $178,000 during the quarter ended March 31, 2026 from the comparable quarter in 2025, due to a $6.7 million increase in the average balance of cash and cash equivalents, partially offset by a 29 basis point decrease in the average yield.
Interest Expense. Interest expense decreased $894,000, or 8.4%, to $9.7 million for the quarter ended March 31, 2026, compared to $10.6 million for the quarter ended March 31, 2025. The decrease reflected lower funding costs across both deposit and borrowing categories.
Interest expense on deposits decreased $546,000, or 7.0%, to $7.3 million for the quarter ended March 31, 2026, from $7.8 million for the comparable quarter in 2025. The decrease primarily was attributable to a 28 basis point decrease in the average rate paid on interest-bearing deposits, which fell to 2.89% from 3.17%. The average balance of interest-bearing deposits increased to $1.0 billion from $989.4 million, partially offsetting the rate-driven reduction in expense.
Interest expense on FHLB borrowings decreased $348,000, or 12.6%, to $2.4 million in the first quarter of 2026 compared to $2.8 million for the same quarter in 2025. The decrease was primarily attributable to a $33.6 million reduction in the average balance of borrowings, which declined to $241.1 million from $274.7 million, reflecting reduced reliance on

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wholesale funding. The average rate paid on FHLB borrowings was relatively unchanged at 4.01%, compared to 4.03% for the comparable quarter of 2025.
Management continues to actively evaluate funding mix and pricing strategies to balance interest expense with overall liquidity needs. This includes a focus on deepening core deposit relationships, selectively reducing higher-cost deposits, and managing wholesale borrowings to optimize the cost of funds.
Net Interest Income.  Net interest income before the provision for credit losses increased $1.2 million, or 11.6%, to $11.4 million for the first quarter of 2026, compared to $10.3 million for the first quarter of 2025. This increase was due to a 32 basis point increase in the average interest rate spread and a $16.0 million increase in average net earning assets. The improved spread reflects a favorable shift in asset yields as loans and investment securities repriced to or were originated at higher market rates, paired with a decrease in funding costs.
Net interest margin (annualized) was 3.10% for the three months ended March 31, 2026, compared to 2.79% for the three months ended March 31, 2025. The increase in net interest margin was attributable to improved asset yields, particularly on loans and leases, paired with a decrease in funding costs. The Federal Open Market Committee maintained the target range at 3.50% to 3.75% through the first quarter of 2026 following rate reductions implemented in late 2025.
Average Balances, Interest and Average Yields/Cost.  The following table sets forth for the periods indicated, information regarding average balances of assets and liabilities as well as the total dollar amounts of interest income from average interest-earning assets and interest expense on average interest-bearing liabilities, resultant yields, interest rate spread, net interest margin (otherwise known as net yield on interest-earning assets), and the ratio of average interest-earning assets to average interest-bearing liabilities. Average balances have been calculated using daily balances. Non-accruing loans have been included in the table as loans carrying a zero yield. Loan fees are included in interest income on loans and are not material.

36

Three Months Ended March 31,
20262025
Average
Balance
Outstanding		Interest
Earned/
Paid		Yield/
Rate		Average
Balance
Outstanding		Interest
Earned/
Paid		Yield/
Rate
(Dollars in thousands)
Interest-earning assets:
Loans and leases receivable$1,183,134 $19,111 6.46 %$1,180,647 $18,774 6.36 %
Securities256,758 1,582 2.46 %262,089 1,652 2.52 %
FHLB stock13,907 291 8.37 %13,907 311 8.95 %
Cash and cash equivalents and other20,812 178 3.42 %14,121 131 3.71 %
Total interest-earning assets1,474,611 21,162 5.74 %1,470,764 20,868 5.68 %
Non-earning assets38,366 40,016 
Total assets1,512,977 1,510,780 
Interest-bearing liabilities:
Savings and money market accounts320,500 1,660 2.07 %304,482 1,723 2.26 %
Interest-bearing checking accounts146,683 397 1.08 %134,461 323 0.96 %
Certificate accounts543,612 5,241 3.86 %550,425 5,798 4.21 %
Borrowings241,089 2,418 4.01 %274,667 2,766 4.03 %
Total interest-bearing liabilities1,251,884 9,716 3.10 %1,264,035 10,610 3.36 %
Noninterest-bearing demand deposits98,362 99,236 
Other liabilities14,310 13,733 
Stockholders' equity148,421 133,776 
Total liabilities and stockholders' equity1,512,977 1,510,780 
Net interest income$11,446 $10,258 
Net earning assets$222,727 $206,729 
Net interest rate spread(1)
2.64 %2.32 %
Net interest margin(2)
3.10 %2.79 %
Average interest-earning assets to average interest-bearing liabilities
117.79 %116.35 %
_____________
(1)Annualized.  Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(2)Annualized. Net interest margin represents net interest income divided by average total interest-earning assets.
Provision for Credit Losses. A provision for credit losses of $693,000 was recorded during the three months ended March 31, 2026, compared to $731,000 for the three months ended March 31, 2025. Net charge-offs during the first quarter of 2026 were $347,000 compared to $395,000 in the first quarter of 2025. The decreased provision for credit losses during the quarter was primarily due to reduced charge-offs as compared to the prior year.
While we believe the steps we have taken and continue to take are necessary to effectively manage our portfolio, uncertainties relating to the level of our allowance for credit losses remain heightened as a result of continued concern about a potential recession due to tariffs, inflation, stock market volatility, and overall geopolitical tensions.

Noninterest Income.  Noninterest income increased $136,000, or 11.7%, to $1.3 million for the quarter ended March 31, 2026, compared to the same quarter in 2025. The increase resulted primarily from an increase in net gains on loan and lease sales and other income.

37

Net gains on loan and lease sales increased $78,000, or 82.0%, to $173,000 during the quarter ended March 31, 2026, compared to $95,000 during the comparable quarter in 2025, primarily due to higher mortgage banking activity. Other income increased $32,000, or 8.8%, to $392,000 for the quarter ended March 31, 2026, compared to $360,000 for the comparable quarter in 2025, due to increased wealth management income driven by improved market performance and a higher amount of client assets under management. Partially offsetting these increases was a decrease in loan and lease servicing fees of $19,000, or 16.7%, to $94,000 for the quarter ended March 31, 2026, compared to $112,000 for the comparable quarter in 2025.
Noninterest Expense.  Noninterest expense increased $331,000, or 4.0%, to $8.7 million for the three months ended March 31, 2026, compared to the same period in 2025. The increase reflected higher data processing costs and elevated other expenses due to nonrecurring items, partially offset by decreases in salaries and employee benefits, legal and professional fees, and deposit insurance expense.
Salaries and employee benefits, the largest component of noninterest expense, decreased $148,000, or 3.1%, to $4.6 million, primarily due to reduced equity compensation expenses. Data processing fees increased $290,000, or 32.2%, to $1.2 million, primarily due to one-time core processor fees of $188,000 related to new product implementations. Other expenses increased $213,000, or 19.5%, to $1.3 million. The current quarter included $263,000 in check fraud losses related to a single customer and $150,000 in real estate taxes paid on a nonaccrual loan, both of which are nonrecurring in nature. These items were partially offset by approximately $200,000 in decreases related to contract negotiation expenses with our core provider recognized in the first quarter of 2025. Legal and professional fees decreased $72,000, or 13.6%, to $459,000. Deposit insurance expense decreased $54,000, or 15.9%, to $285,000, primarily due to shifts in First Bank Richmond's asset and deposit mix and related impact on FDIC assessments.
Income Tax Expense.  The provision for income taxes increased $214,000, or 61.5%, to $562,000 during the three months ended March 31, 2026, compared to $348,000 for the same period in 2025. The effective tax rate was 16.8% for the current quarter, compared to 15.0% for the comparable quarter in 2025. The increase in the effective tax rate reflected higher pre-tax income, which reduced the relative benefit of fixed tax-exempt income and deductions as a percentage of total pre-tax earnings.
Capital and Liquidity
Capital. Shareholders' equity totaled $144.9 million at March 31, 2026, compared to $145.8 million at December 31, 2025, a decrease of $871,000. Equity was positively impacted during the first quarter of 2026 by net income of $2.8 million, $188,000 related to the allocation of ESOP shares, and $87,000 of stock-based compensation expense. These increases were more than offset by a $2.4 million increase in AOCL and $1.5 million in dividends paid to stockholders.
We paid a regular quarterly dividend of $0.15 per common share during the first quarter of 2026 and the first quarter of 2025. We currently expect to continue our practice of paying regular quarterly cash dividends on common stock subject to the Board of Directors' discretion to modify or terminate this practice at any time and for any reason without prior notice. Assuming continued payment during 2026 at the current dividend rate of $0.15 per share, our average total dividend paid each quarter would be approximately $1.6 million based on the number of outstanding shares at March 31, 2026.
Stock Repurchase Plans. During the three months ended March 31, 2026, the Company did not have an existing stock repurchase program, and did not repurchase any shares of its common stock. Stock repurchase programs are utilized from time to time to manage the Company's capital position, enhance shareholder value, and offset dilution from stock-based compensation awards. See Part II, Item 2 - "Unregistered Sales of Equity Securities and Use of Proceeds."
Liquidity. Liquidity measures the ability to meet current and future cash flow needs as they become due. The liquidity of a financial institution reflects its ability to meet loan requests, to accommodate possible outflows in deposits and to take advantage of interest rate market opportunities. The ability of a financial institution to meet its current financial obligations is a function of its balance sheet structure, its ability to liquidate assets and its access to alternative sources of funds. The objective of our liquidity management is to manage cash flow and liquidity reserves so that they are adequate to fund our operations and to meet obligations and other commitments on a timely basis and at a reasonable cost. We seek to achieve this objective and ensure that funding needs are met by maintaining an appropriate level of liquid funds through asset/liability management, which includes managing the mix and time to maturity of financial assets and financial liabilities on our balance sheet. Our liquidity position is enhanced by our ability to raise additional funds as needed in the wholesale markets.
Asset liquidity is provided by liquid assets which are readily marketable or pledgeable or which will mature in the near future. Liquid assets generally include cash, interest-bearing deposits in banks, securities available for sale, maturities and cash

38

flow from securities held to maturity, sales of fixed rate residential mortgage loans in the secondary market, and federal funds sold and resell agreements. Liability liquidity generally is provided by access to funding sources which include core deposits and advances from the FHLB and other borrowing relationships with third party financial institutions.
Our liquidity position is continuously monitored and adjustments are made to the balance between sources and uses of funds as deemed appropriate. Liquidity risk management is an important element in our asset/liability management process. We regularly model liquidity stress scenarios to assess potential liquidity outflows or funding problems resulting from economic disruptions, volatility in the financial markets, unexpected credit events or other significant occurrences deemed problematic by management. These scenarios are incorporated into our contingency funding plan, which provides the basis for the identification of our liquidity needs.
Our liquid assets in the form of cash and cash equivalents and investments available for sale totaled $283.1 million at March 31, 2026. Certificates of deposit scheduled to mature in less than one year from March 31, 2026 totaled $382.8 million. Historically, First Bank Richmond has been able to retain a significant amount of its deposits as they mature.
As of March 31, 2026, we had approximately $23.8 million held in an interest-bearing account at the Federal Reserve. We also have the ability to borrow funds as a member of the FHLB. As of March 31, 2026, based upon available, pledgeable collateral, our total remaining borrowing capacity with the FHLB was approximately $113.4 million. Furthermore, at March 31, 2026, we had approximately $136.2 million in securities that were unencumbered by a pledge and could be used to support additional borrowings through repurchase agreements or the Federal Reserve discount window, as needed. As of March 31, 2026, management was not aware of any events that are reasonably likely to have a material adverse effect on our liquidity, capital resources or operations. In addition, management is not aware of any regulatory recommendations regarding liquidity that would have a material adverse effect on us.
Our cash flows are comprised of three primary classifications: operating activities, investing activities, and financing activities. Net cash provided by operating activities was $2.8 million for the three months ended March 31, 2026, compared to $2.2 million provided by operating activities for the three months ended March 31, 2025. The increase in operating cash flows primarily reflected higher net income and changes in operating assets and liabilities.
Net cash provided by investing activities totaled $4.8 million for the three months ended March 31, 2026, compared to $12.0 million used in the same period of 2025. The significantly lower cash usage in the first quarter of 2026 was primarily due to reduced net loan growth compared to the prior-year period, as net loans decreased $2.3 million in the current quarter compared to growth of $16.0 million in the first quarter of 2025.
Net cash used in financing activities was $5.9 million for the three months ended March 31, 2026, compared to $15.1 million provided by financing activities during the same period in 2025. The change primarily reflected higher net deposit outflows, particularly in certificates of deposit, which decreased $13.4 million in the first quarter of 2026 compared to an increase of $11.5 million in the prior-year period. Additionally, the Company repaid $12.0 million in other borrowings during the first quarter of 2026 with no comparable activity in the prior-year period. These outflows were partially offset by increases in demand and savings deposits and a net increase in FHLB advances of $16.0 million in the current quarter compared to $9.0 million in the prior-year period. The first quarter of 2025 also included $4.2 million in common stock repurchases under the Company's repurchase program, with no comparable activity in the current quarter.
Management believes the capital sources are adequate to meet all reasonably foreseeable short-term and long-term cash requirements and there has not been a material change in our liquidity and capital resources since the information disclosed in our 2025 Form 10-K other than set forth above.
Richmond Mutual Bancorporation is a separate legal entity from First Bank Richmond and must provide for its own liquidity. In addition to its own operating expenses, Richmond Mutual Bancorporation is responsible for paying for any stock repurchases, dividends declared to its stockholders and other general corporate expenses. Since Richmond Mutual Bancorporation is a holding company and does not conduct operations, its primary sources of liquidity are interest on investment securities purchased with proceeds from our initial public offering, dividends up-streamed from First Bank Richmond and borrowings from outside sources. Banking regulations may limit the amount of dividends that may be paid to us by First Bank Richmond. At March 31, 2026, Richmond Mutual Bancorporation, on an unconsolidated basis, had $3.0 million in cash, noninterest-bearing deposits, and liquid investments generally available for its cash needs.

Regulatory Capital Requirements. First Bank Richmond is subject to minimum capital requirements imposed by the FDIC. The FDIC may require us to have additional capital above the specific regulatory levels if it believes we are subject to

39

increased risk due to asset problems, high interest rate risk and other risks. At March 31, 2026, First Bank Richmond’s regulatory capital exceeded the FDIC regulatory requirements, and First Bank Richmond was well-capitalized under regulatory prompt corrective action standards. Consistent with our goals to operate a sound and profitable organization, our policy is for First Bank Richmond to maintain well-capitalized status.
ActualMinimum for Capital Adequacy PurposesCategorized as "Well-Capitalized" Under Prompt Corrective Action Provisions
AmountRatioAmountRatioAmountRatio

(Dollars in thousands)
As of March 31, 2026
Total risk-based capital (to risk weighted assets)$187,015 14.6 %$102,351 8.0 %$127,939 10.0 %
Tier 1 risk-based capital (to risk weighted assets)171,009 13.4 76,763 6.0 102,351 8.0 
Common equity tier 1 capital (to risk weighted assets)171,009 13.4 57,573 4.5 83,160 6.5 
Tier 1 leverage (core) capital (to adjusted tangible assets)171,009 11.1 61,640 4.0 77,050 5.0 
As of December 31, 2025
Total risk-based capital (to risk weighted assets)$186,532 14.6 %$101,960 8.0 %$127,451 10.0 %
Tier 1 risk-based capital (to risk weighted assets)170,591 13.4 76,470 6.0 101,960 8.0 
Common equity tier 1 capital (to risk weighted assets)170,591 13.4 57,353 4.5 82,843 6.5 
Tier 1 leverage (core) capital (to adjusted tangible assets)170,591 11.0 62,290 4.0 77,862 5.0 
Pursuant to the capital regulations of the FDIC and the other federal banking agencies, First Bank Richmond must maintain a capital conservation buffer consisting of additional common equity tier 1 (“CET1”) capital greater than 2.5% of risk-weighted assets above the required minimum levels of risk-based CET1 capital, tier 1 capital and total capital. Failure to maintain the required buffer could result in limitations on First Bank Richmond's ability to pay dividends and discretionary bonuses and the Company's ability to repurchase shares based on specified percentages of eligible retained income. At March 31, 2026, First Bank Richmond’s capital exceeded the conservation buffer.
For a bank holding company with less than $3.0 billion in assets, the capital guidelines apply on a bank only basis and the Federal Reserve Board expects the holding company’s subsidiary banks to be well capitalized under the prompt corrective action regulations. If Richmond Mutual Bancorporation was subject to regulatory guidelines for bank holding companies with $3.0 billion or more in assets, at March 31, 2026, it would have exceeded all regulatory capital requirements.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
There has not been any material change in the market risk disclosures contained in our 2025 Form 10-K.
ITEM 4.  CONTROLS AND PROCEDURES
(a)     Evaluation of Disclosure Controls and Procedures.
An evaluation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) as of March 31, 2026, was carried out under the supervision and with the participation of our Chief Executive Officer (principal executive officer), Chief Financial Officer (principal financial officer), and several other members of senior management. Our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures in effect as of March 31, 2026, were effective.

40

We do not expect that our disclosure controls and procedures and internal control over financial reporting will prevent all errors and all fraud. A control procedure, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control procedure are met. Because of the inherent limitations in all control procedures, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls may be circumvented by the individual acts of some persons, by collusion of two or more people, or by override of the control. The design of any control procedure also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control procedure, misstatements due to error or fraud may occur and not be detected.
(b)    Changes in Internal Control Over Financial Reporting.
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the three months ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

41

PART II. OTHER INFORMATION
ITEM 1.  LEGAL PROCEEDINGS
We are not involved in any pending legal proceedings as a plaintiff or defendant other than routine legal proceedings occurring in the ordinary course of business, and at March 31, 2026, we were not involved in any legal proceedings the outcome of which would be material to our financial condition or results of operations.
ITEM 1A.  RISK FACTORS
There have been no material changes in the Risk Factors previously disclosed in Item 1A of the Company's 2025 Form 10-K.
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(a)Not applicable
(b)Not applicable
(c)The following table sets forth information with respect to repurchases of our outstanding common shares during the three months ended March 31, 2026:
Total
number of
shares
purchased		Average
price
paid
per share		Total number of
shares purchased
as part of
publicly announced
plans or programs
Maximum number of shares that may yet be purchased under the plans or programs (1)
January 1, 2026 - January 31, 2026— $— — — 
February 1, 2026 - February 28, 2026— $— — — 
March 1, 2026 - March 31, 2026— — — — 
Total— $— — — 
_________________________
(1)The Company did not have a publicly announced stock repurchase program in place during the quarter ended March 31, 2026.
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
Nothing to report.
ITEM 4.  MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5.  OTHER INFORMATION
(a) Nothing to report.
(b) Nothing to report.
(c) Trading Plans. During the three months ended March 31, 2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

42

ITEM 6.  EXHIBITS
Exhibit No.
2.1
3.1
3.2
4.0
10.1+
10.2+
10.3+
10.4+
10.5+
10.6+
10.7+
31.1
31.2
32.0
101.0
The following materials for the quarter ended March 31, 2026, formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive (Loss) Income, (iv) Condensed Consolidated Statements of Changes in Stockholders’ Equity (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

+ Indicates management contract or compensatory plan or arrangement.

43

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
RICHMOND MUTUAL BANCORPORATION, INC.
Date: May 12, 2026By:/s/ Garry D. Kleer
Garry D. Kleer
Chairman, President and CEO
(Duly Authorized Officer)
Date: May 12, 2026By:/s/ Bradley M. Glover
Bradley M. Glover
Senior Vice President and CFO
(Principal Financial and Accounting Officer)


44

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